REPORT OF THE COMPTROLLER OF THE TREASURE. xi

$1,625,000, as authorized. This difference of $134,000, or a
saving to the State if you please, was made by reason of the'
appropriation of $250,000 to the Relief Fund Commission,
Chapter 129 of 1904, on account of the disastrous conflagration
in the City of Baltimore in February, 1904. This appropriation
was provided for in the Bond issue above mentioned, as well as
the appropriation of $20,000 to the Johns Hopkins Hospital for
each of the years 1905 and 1906. Only $116,000 of this Loan
was issued, and for your instruction, as well as for future
reference, the following statement of the Relief Fund is herewith
submitted:

1904. July 1 1904. March Dec.,		.$100,000	$102,165.00 100,430.00
		2,165
	Contra : to November,	.$80,430
		. 20,000
	Balance		. $1,735.00
1904. November, Cash returned by Commission . . . . . . . . .			1,787.61
	Balance ............................
			$3,522.61
	Balance to Johns Hopkins Hospital ........		16,477.39
	Credit Johns Hopkins Hospital, Fiscal Year	190G
			$20,000.00

The $477.39 of course was paid as a direct appropriation
under Chapter 129 of 1904, leaving the issue of Bonds $116,000
instead of $250,000.

While the gross debt of the State is $8,526,926.13, yet the
State holds in its Sinking Funds $3,301,587., and other available
assets, the par of which is 12,137,470., leaving as the net debt of
the State $3,087,869.13. These available assets have a value far
in excess of their par value, and in my judgment, should be sold
whenever a fair, price for the same can be obtained, and the